DES MOINES, IA – LCS, the nation’s second largest senior living operator, announced it has bought Essex Meadows in Essex, Connecticut and Sandhill Cove in Palm City, Florida. Both Life Plot Communities were privately held by the Weitz family since 1995. This represents the company’s tenth acquisition under its programmatic joint venture sponsored by LCS Real Estate, An LCS Company. BMO Harris Bank provided acquisition financing.

LCS Real Estate has executed on acquisition and development transactions in excess of $1.5 billion since 2016, and has an ownership stake in 46 senior housing communities nationwide, including 16 Life Plot Communities.

LCS has a long history with the Weitz family, Essex Meadows and Sandhill Cove. LCS Development, An LCS Company was the original development company for both communities. Life Care Services, the management arm of LCS, has managed the communities since opening and will continue to manage the communities going forward.

“Both communities have fantastic reputations in the marketplace, strong leadership, and exceptionally high resident satisfaction and occupancy,” says Dan Lahey, VP/managing director for LCS Real Estate.

Essex Meadows is located on a 104-acre campus with 189 independent living and 41 skilled nursing residences. Sandhill Cove sits on the Martin County waterfront with 225 independent living, 20 helped living, and 36 skilled nursing residences.

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JACKSONVILLE, FL – Carter Multifamily announced its acquisition of the 262-unit Moncler Landings for approximately $23.2 million. As a result of Carter Multifamily’s strategy to transform the property through a series of renovations and upgrades, the community will be rebranded as The Oaks on Monument. 

Built in 1975, The Oaks is located at 401 Monument Road in Jacksonville, Florida, and offers affordably priced 1-, 2-, and 3-bedroom apartment units ranging from 450 to 1055 square feet of space. Located seven miles east of Downtown Jacksonville,

The Oaks is situated off of I-295 providing convenient access to some of the area’s largest employment hubs, including Jacksonville International Trade Port, a 425-acre business park with employers such as Amazon, Mercedes, General Electric, and DHL. To the south, I-295 provides direct access to the Butler Corridor/Deerwood Parkwhich has over 14.5 million square feet of office space and employers such as Deutsche Bank, Bank of America, and Citibank, as well as Ikea’s newly opened 290,000 square foot retail store. 

“The Oaks marks our third acquisition in this area of Jacksonville, which we believe has proven to be a strong market with year-over-year rent growth fueled by a flourishing economy and impressive job growth,” said Cindy Pfeifer, chief executive officer of Carter Multifamily. 

Carter Multifamily intends to reposition The Oaks to be a best-in-class apartment community to serve the area’s large concentration of medical, retail, technology and marine science professionals. Renovations will include updates to apartment home interiors and common areas, including the pool, playground and recreational areas. There are also plans to add a fenced-in dog park, sports court, internet café, and added outdoor gathering areas.

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FORT LAUDERDALE, FL – Boardwalk Properties closed on a newly constructed 394-unit resort-style apartment complex for $119 million. The sellers were Pacific Investment Management Company, LLC (PIMCO) and Greystar. Boardwalk will rename the property THE AVENUE from its current name, Elan Maison.

The buy of the property reflects Boardwalk’s strong growth, especially over the past 10 months (in February 2018, the company bought The Queue Apartments, a 191-unit rental property in downtown Fort Lauderdale, for $53 million.) The company invests in the multifamily sector in South Florida, recently focusing on Broward County.

The resort-style complex includes one, two, and three bedroom units. Units feature stainless-steel appliances, wood-style flooring, oversized windows and laundry rooms with full-size washers/dryers. Common amenities include a three-level clubhouse with fitness center, yoga studio, social spaces with flat screen TVs, Wi-Fi and a billiards room. The 15-acre property includes two resort style swimming pools, cabanas, shuffleboard, bocce ball, two dog parks, outdoor kitchen, herb garden, grilling stations, dining areas and a fire pit.

“The acquisition of the property at 6220 Reese Road is a significant milestone for us at Boardwalk, as we look to expand and diversify our portfolio.” said Adam Walker, principal of Boardwalk Properties. “Our company continues to place an emphasis on long term growth in neighborhoods with sustained values.”

Representing Boardwalk Properties in the transaction was attorney Neil Rollnick from Hinshaw & Culbertson LLP, who has worked with Boardwalk since its inception in 2014. 

Boardwalk has teamed up with Urban Resource, a boutique real estate management firm, for the on-site management at THE AVENUE. Urban Resource manages in excess of 5,000 units in South Florida.

Boardwalk Properties is a family-run business with roots in New York; Toronto, Canada; and South Florida. Notable acquisitions include: a 240-unit portfolio in South Beach for $59 million;  The Queue Apartments, a 191-unit building located at 817 SE 2nd Avenue, in downtown Fort Lauderdale, for $53 million. The seven-tale project offers studios, one, two, and three bedroom units. Amenities include a state-of-the-art two-tale gym, swimming pool, outdoor barbeque and dog park.

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